Altus Resource Capital, a Guernsey registered closed-ended investment company, has completed the placing of its shares with an aggregate value of approximately GBP14.66m.

Under the structure of the placing, all valid applications for shares received under the placing agreement will be accepted in full.

Accordingly, 10,997,233 shares will be issued pursuant to the placing, at a price of 133.37p per share.

As a result of the placing, the company will have aggregate net assets of approximately GBP47.22m. Application has been made for the new shares to be admitted to trading on the London Stock Exchange’s Specialist Fund Market. Application has also been made for the new shares to be listed and admitted to trading on the Official List of the Channel Islands Stock Exchange.

Trading in the shares of the company on the Specialist Fund Market is expected to commence at 8am on 21 December 2009 and on the Channel Islands Stock Exchange at 8am on 22 December 2009.

Steven Poulton (pictured), manager of Altus Resource Capital, says: "Gold is suffering supply side pressures, with production falling year-on-year and few new world-class discoveries. Aside from speculators driving short term volatility and intermittent profit taking, we anticipate that gold will continue to outperform other asset classes in real terms over the next two years."

Nimrod Capital acted as placing agent to the company.